U.S. stock futures traded lower this morning with the S&P 500 poised to fall back into bear market territory following the worst week on Wall Street since January — and more in Monday’s stock market recap.
What I find interesting is that the SPDR Dow Jones Industrial Average ETF Trust (NYSEArca: DIA), which tracks 30 large-cap Dow stocks, is trading near its previous lows and that its relative strength index is overdone.
It looks like there’s a good chance the market could rally today because stocks tend to make their lows into Monday morning, but then turn around and peak out by the afternoon. In other words, we usually see the end of the week turnaround from the previous week on Monday…
So it wouldn’t surprise me if we experience a nice reversal because we’re gapping down quite a bit…
The put/call ratio is at 1.20, which means the market is bearish because traders are buying more puts than calls. The bottom line is that the market is grossly oversold right now, which means the best option for us is more upside over the next few trading days.
In this morning’s stock market recap video, I’ll also give you an update on momentum levels… where there’s technical upside potential… the best day of the week to go long… an update on volatility and what it means for stocks… the best and worst sectors to trade right now… the biggest report coming out this week… and big signs to pay attention to at the moment.
Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!
P.S. I’m about to embark on a new journey…
With one specific pattern among a few that’s been shown to pay up to 11-to-1 odds over the past two decades.
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P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 31,392.79.
- Futures: 30,728.
- Change: -631.
S&P 500 (mini)
- Close: 3,900.86.
- Futures: 3,806.
- Change: -94.5.
- Close: 11,832.82.
- Futures: 11,519.25
- Change: -346.5.
- Close: 1,800.28.
- Futures: 1,755.5.
- Change: -45.1.
Note: Updated as of 9:21 a.m. EDT.
To kick off the week, each Monday video will outline my weekly outlook and any actionable announcements, news or catalysts I’m watching. I’ll also outline exactly which opportunities I expect to unfold in the coming five trading days, so check out this short video for more information!
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to email@example.com!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.